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Retail sales slide in November

Retail sales sank by 0.4 percent in November from the October level as heavy discounting failed to boost poor consumer sentiment, official data showed on Thursday. Market expectations had been for a smaller drop of 0.2 percent, according to analysts polled by Dow Jones Newswires. “Today’s official figures confirm that…

Heineken profits up despite bad beer season for Europe

Dutch brewer Heineken published a one percent climb in net profitfor the third quarter Wednesday, saying strong sales in Africa and elsewhere offset the impact of poor summer weather in Europe. Net profit reached 525 million euros (U$731 million) in the July-September period, while sales grew slightly by 0.6 percent from last year to 4.65 billion…

Apple argues iPad case in Australia tablet row

American computer giant Apple claimed on Monday that Samsung Electronics’ latest tablet computer infringes on patents relating to touch screen technology. Lawyers for Apple addressed the Federal Court after the firm launched legal action against the South Korean company last month, accusing it of intellectual property infringements with the Galaxy…

UBS board meets in Singapore amid trading scandal

Swiss banking giant UBS began a meeting of its board in Singapore on Wednesday as it faces increasing pressure from shareholders after being hit by a $2.3 billion rogue-trading scandal. UBS chief executive Oswald Gruebel declined to take questions before going into the bank’s Singapore office for the meeting, which…

Nintendo looks to boost 3DS with new games

Nintendo unveiled a string of new software titles at a highly anticipated Tokyo trade show on Tuesday, as it attempts to boost sales and reignite interest in its struggling 3DS handheld games console. But Nintendo shares tumbled more than 5 percent on the Osaka bourse with investors underwhelmed by the…

Bank of America stock falls on denial of CCB sale

NEW YORK — Disappointment that Bank of America would not jettison its entire $17 billion stake in a major Chinese bank in order to boost its own capital sent its shares tumbling Tuesday. BofA shares dropped nearly two percent — against an overall rally in stock markets — after news…

HSBC to sell credit card business

HSBC said Tuesday it is in talks to sell its United States credit card and retail services business as the global banking giant shifts focus to fast-growing markets, particularly in Asia. The lender has unveiled massive cost-cutting measures in recent months, including plans to save up to $3.5 billion by 2013…

China posts first quarterly trade deficit in 7 years

SHANGHAI – China said it had posted its first quarterly trade deficit in seven years, despite a narrow surplus in March, as rising commodity prices pushed manufacturers’ costs higher. China recorded a small trade deficit of $1.02 billion for the first quarter, its first since the beginning of 2004. But…

BP quarterly profit nears $2 billion despite largest oil spill in history; Cost replacement profit actually rises

British Petroleum, the oil juggernaut responsible for the worst oil spill in history, posted a nearly $2 billion profit for the third quarter, despite the fact it has been dealing with the costs of its massive spill. “The U.K.-based energy giant said net profit for the three months ended Sept.…

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